Review the Benchmark Valuation Policy or some companies will fold up – Dela Gadzanku
The Volta, Eastern and Oti Regional Chairman of the Association of Ghana Industries (AGI), Dela Gadzanku, has asked government to urgently review the Benchmark Valuation Policy as it poses threat to some existing companies in the palm oil sector.
According to him, policies and initiatives implemented by government in the sector are making outstanding contributions to the economy, however, if the challenges with the implantations are not dealt with, the companies risk folding up.
In particular, the Benchmark Valuation remains a major challenge to some of our members and we wish to urgently call on government to review some aspects of the policy. Large company like the one in the palm oil sector, Ghana Oil Palm Development Company and Volta Red are seriously suffocating under the scheme. I’m afraid if nothing is done urgently, these companies may fold up. A company like Ghana Oil Palm Development employs about 4,000 people with 7,000 outgrowers and when they fold up, we will all see the repercussions.
Speaking at the AGI – Regional Annual General Meeting 2021, held on September 23, 2021 at Sky Plus Hotel, Mr. Gadzanku advised companies and enterprises to adopt methods and strategies to enhance their productive capacity and quality profiles, as government is actively playing it role in creating instrument and institutional mechanisms for nurturing economic agenda such as the African Continental Free Trade Agreement (AfCFTA) which opens up a large commodity market for local businesses.
Association of Ghana Industries- REGIONAL ANNUAL MEETING 2021 Theme: Building resilient industries for the Eastern, Volta and Oti Regions for sustainable Development.
Posted by RayLiza Ghana on Thursday, 23 September 2021
Speaking at the event, the Deputy Minister of Trade and Industry, Herbert Krapa says government is seeking to enhance the economics of industries by pulling both local and multinational investors together to benefits from litigation free land and other infrastructure, facilitated by government under the Industrial Parks and Special Economic Zones Policy.
According to him, the strategy is based on the success of the Ghana Free Zones and it will enhance the transfer of knowledge and increase business friendly competition to support value for export.
Meanwhile, the Deputy Chief Executive Officer (Finance and Administration) of Ghana Free Zones Authority (GFZA), Mrs. Kate Djankwei Abbeo has said that 30 percent out the 200 companies registered with them are from Volta, Eastern and Oti regions. She added that companies should take advantage of their policies and facilitations so that they can produce their expected outcomes.
–
Source: raylizaghana.com
